First Solar will sell its 293 megawatts (MW) DC solar project development platform, and solar operations and maintenance (O&M) platform with approximately 665 MWDC under management, in Japan to PAG Real Assets.
The transaction is expected to close in the second quarter of 2022 for the project development platform and the second half of 2022 for the O&M platform, First Solar in a news statement said.
PAG, a leading Asia Pacific-focused private investment manager with more than $50 billion in assets, is expected to add First Solar’s project development platform, creating one of Japan’s largest renewable operators with over 600 MWDC of capacity.
Jon-Paul Toppino, executive director and president of PAG, said: “This transaction further positions PAG as a leading player in renewable energy in Japan and will serve as a key building block for our future investment in the sector.”
In 2021, PAG acquired two projects under development by First Solar in Japan with a total capacity of 50 MWDC. Upon each respective closing, the majority of First Solar project development and O&M employees in Japan will join PAG.
Mark Widmar, chief executive officer of First Solar, said: “The sale of these platforms marks the completion of First Solar’s strategic shift to focus on developing, scaling, and selling our advanced module technology.”
First Solar, the US-headquartered company, is building two new manufacturing facilities in the United States and India, which will double its nameplate manufacturing capacity to 16 gigawatts (GW)DC in 2024.